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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 24 - Housing and Urban Development |
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Subtitle B - Regulations Relating to Housing and Urban Development |
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Chapter II - Office of Assistant Secretary for Housing - Federal Housing Commissioner, Department of Housing and Urban Development |
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SubChapter B - Mortgage and Loan Insurance Programs Under National Housing Act and Other Authorities |
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Part 232 - Mortgage Insurance for Nursing Homes, Intermediate Care Facilities, Board and Care Homes, and Assisted Living Facilities |
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Subpart D - Contract Rights and Obligations |
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Rights and Duties of Lender Under the Contract of Insurance |
§ 232.830 - Definition of default.
Latest version.
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§ 232.830 Definition of default.
(a) If the borrower fails to make any payments due under or provided to be paid by the terms of the note or security instrument, the note shall be considered in default for the purposes of this subpart.
(b) The failure to perform any other covenant under the note or security instrument shall be considered a default, provided the lender, because of such default, has exercised its rights under the note or security instrument and accelerated the debt.
(c) If such defaults as defined in paragraphs (a) and (b) of this section continue for a period of 30 days, the lender shall be entitled to receive the benefits of insurance hereinafter provided.